Actually I disagree there. I think it *is* mostly condensed vapors. From combustion by-products in the blow-by and from oil that is vaporized on the cylinder walls and intermingled with the blow-by. Think about the blow-by process: the superheated gasses of combustion force their way between the rings and the cylinder wall, vaporising the oil film on the cylinder wall and rings as they do so. THAT is the major source of oil vapor in the crankcase.
OK, I see your point- oil mist and spray inside the engine. I suppose some small amount gets past all the spray-separating baffles that most engines have between the open crankcase where all the mist can be found and the PCV valve inlet. But most of that is trapped by the baffles and returned to the crankcase, otherwise you'd get excessive oil consumption.